Bancorp 34 Inc
For the period ended Dec 31, 2023. Filed Mar 8, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 8, 2024
BCTF$16.18-1.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
(Dollars in Thousands)
For years ended December 31, 2023, and 2022
| Year Ended December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Net (loss) income | $(3,402) | $1,330 |
| Adjustments to reconcile net (loss) income to net cash used in operating activities | ||
| Depreciation and amortization | 583 | 489 |
| Stock dividends on other investments | (71) | (47) |
| Amortization of premiums and discounts on securities, net | 265 | 349 |
| Amortization of equity awards | 150 | 351 |
| Gain on sale of loans, net | (32) | — |
| Loans originated with the intent to sell | (1,316) | — |
| Proceeds from sale of loans | 1,367 | 5,002 |
| Provision for credit losses | 4,223 | 2,420 |
| Gain on the sale of fixed assets | (74) | 25 |
| Net appreciation on bank-owned life insurance | (248) | (238) |
| Deferred income tax (benefit) expense | (278) | 191 |
| Changes in operating assets and liabilities | ||
| Accrued interest receivable | (92) | (151) |
| Prepaid and other assets | 851 | (123) |
| Accrued interest and other liabilities | (1,016) | 213 |
| Net cash provided by operating activities | 910 | 9,761 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Proceeds from calls, sales, maturities, or principal payments on available-for-sale securities | 5,348 | 7,475 |
| Purchases of available-for-sale securities | (2,005) | (8,060) |
| Purchases of held-to-maturity securities | — | (500) |
| Net (purchase) redemptions of other investments | (2,715) | 556 |
| Net change in loans held for investment | (382) | (55,709) |
| Proceeds from disposals of premises and equipment | 443 | 84 |
| Purchases of premises and equipment | (226) | (684) |
| Net cash provided by (used in) investing activities | 463 | (56,838) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Net change in deposits | (27,599) | 49,783 |
| Proceeds from Federal Home Loan Bank advances | 320,398 | 712,500 |
| Repayments of Federal Home Loan Bank advances | (325,398) | (726,500) |
| Proceeds from Federal Reserve advances | 122,000 | — |
| Repayments of Federal Reserve advances | (93,000) | — |
| Common stock repurchases | (210) | (78) |
| Common stock issuance, net | 10,867 | 6,212 |
| Preferred stock issuance, net | 4,175 | 7,306 |
| Payment of dividends | (656) | (700) |
| Net cash provided by financing activities | 10,577 | 48,523 |
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 11,950 | 1,446 |
| CASH AND CASH EQUIVALENTS, beginning of period | 16,947 | 15,501 |
| CASH AND CASH EQUIVALENTS, end of period | $28,897 | $16,947 |
| SUPPLEMENTAL DISCLOSURES | ||
| Interest on deposits and borrowings paid | $12,536 | $5,181 |
| Income tax (refunds received) paid | $(1) | $998 |
| Loans transferred to other real estate owned | $3,000 | $— |
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